DENDER DEVELOPMENT II: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
DENDER DEVELOPMENT II
Largest movements
- Stocks and contracts -€1.4m
down €1.4m (-24.7%), from €5.7m to €4.3m
of which Stocks: -€1.3m
- Cash -€508,367
down €508,367 (-32.7%), from €1.6m to €1.0m
mainly Current portion of long-term debt (-€1.2m) and Net result for the year (-€727,406)
- Receivables within one year +€151,572
up €151,572 (+701.3%), from €21,613 to €173,185
of which Trade receivables: +€140,680
- Current portion of long-term debt -€1.2m
down €1.2m (-31.9%), from €3.7m to €2.5m
- Profit (loss) carried forward -€727,406
down €727,406 (-17.5%), from -€4.2m to -€4.9m
- Debts after one year +€129,644
up €129,644 (+3.7%), from €3.5m to €3.6m
- Tax, wage and social debts +€87,373
up €87,373 (+108.9%), from €80,256 to €167,630
- Gross operating margin -€448,470
down €448,470 (-595.6%), from -€75,297 to -€523,767
- Financial charges -€176,623
down €176,623 (-46.6%), from €379,030 to €202,407
- Other operating charges -€9,198
down €9,198 (-88.2%), from €10,430 to €1,232
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,309,681 | €5,534,586 | -€1.8m | -24.3% |
| Current assets | 29/58 | €7,309,681 | €5,534,586 | -€1.8m | -24.3% |
| Stocks and contracts in progress | 3 | €5,733,559 | €4,315,259 | -€1.4m | -24.7% |
| Stocks | 30/36 | €5,554,926 | €4,302,726 | -€1.3m | -22.5% |
| Contracts in progress | 37 | €178,634 | €12,534 | -€166,100 | -93.0% |
| Amounts receivable within one year | 40/41 | €21,613 | €173,185 | +€151,572 | +701.3% |
| Trade receivables | 40 | €21,613 | €162,292 | +€140,680 | +650.9% |
| Other amounts receivable | 41 | - | €10,892 | +€10,892 | |
| Cash at bank and in hand | 54/58 | €1,554,509 | €1,046,142 | -€508,367 | -32.7% |
| Total equity and liabilities | 10/49 | €7,309,681 | €5,534,586 | -€1.8m | -24.3% |
| Equity | 10/15 | -€147,973 | -€875,379 | -€727,406 | -491.6% |
| Contributions | 10/11 | €4,018,600 | €4,018,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,166,573 | -€4,893,979 | -€727,406 | -17.5% |
| Amounts payable | 17/49 | €7,457,654 | €6,409,965 | -€1.0m | -14.0% |
| Amounts payable after more than one year | 17 | €3,501,411 | €3,631,055 | +€129,644 | +3.7% |
| Financial debts | 170/4 | €3,501,411 | €3,631,055 | +€129,644 | +3.7% |
| Amounts payable within one year | 42/48 | €3,956,243 | €2,778,910 | -€1.2m | -29.8% |
| Current portion of amounts payable after more than one year | 42 | €3,740,612 | €2,545,951 | -€1.2m | -31.9% |
| Trade debts | 44 | €135,375 | €65,329 | -€70,046 | -51.7% |
| Suppliers | 440/4 | €135,375 | €65,329 | -€70,046 | -51.7% |
| Taxes, remuneration and social security | 45 | €80,256 | €167,630 | +€87,373 | +108.9% |
| Taxes | 450/3 | €80,256 | €167,630 | +€87,373 | +108.9% |
| Other operating charges | 640/8 | €10,430 | €1,232 | -€9,198 | -88.2% |
| Gross operating margin | 9900 | -€75,297 | -€523,767 | -€448,470 | -595.6% |
| Operating profit (loss) | 9901 | -€85,726 | -€524,998 | -€439,272 | -512.4% |
| Financial income | 75/76B | €32 | - | -€32 | |
| Recurring financial income | 75 | €32 | - | -€32 | |
| Financial charges | 65/66B | €379,030 | €202,407 | -€176,623 | -46.6% |
| Recurring financial charges | 65 | €379,030 | €202,407 | -€176,623 | -46.6% |
| Profit (loss) for the period before taxes | 9903 | -€464,725 | -€727,406 | -€262,681 | -56.5% |
| Profit (loss) for the period | 9904 | -€464,725 | -€727,406 | -€262,681 | -56.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€464,725 | -€727,406 | -€262,681 | -56.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.